Please solve for labeled part b of this question.

Determine if Coca Cola should invest in a new drink project so you need to determine net cash flows and NPV and determine if the project is viable or not. Capital expenditures to produce the ride will initially require an investment of $1.2 billion. Other development costs that will be required to finish the ride is $500 million this year. Any ongoing costs for upgrades will be covered in the margin calculation below. The ride is expected to have a life of five years. First-year revenues for the new ride are expected to be $2,000,000,000 ($2,000 million). The ride revenues are expected to grow by 20% for the second year, and then decrease by 10% for the third, decrease by 20% for the 4th and finally decrease by 50% for the 5th (final) year of operation. Your job is to determine the rest of the cash flows associated with this project. Your boss has indicated that the operating costs and net working capital requirements are similar to the rest of the company's products. Since your boss hasn't been much help, here are some tips to guide your analysis: 1. You will need to use the Financial Statements that you downloaded in Part 1 (or in project 1). 2. You are now ready to determine the free cash flow. Compute the free cash flow for each year using: Free Cash Flow = (Revenues - Costs- Depreciation) x(1- Tax Rate) + Depreciation - Capex - Change in NWC Set up the timeline and computation of the free cash flow in separate, contiguous columns for each year of the project life. Be sure to make outflows negative and inflows positive. a. Assume that the project's profitability will be similar to Coca Cola's existing projects and estimate costs for each year of your project by using the average ratio of non-depreciation costs to revenue for the last 2 fiscal years (in practice you really tend to use at least 4 years worth of data, but for this exercise 2 years will suffice): (Costs of Goods Sold + SG&A)/Sales You should assume that this ratio will hold for this project as well. You do not need to break out the individual components of operating costs in your forecast. Simply the forecast to the Total Cost of Goods Sold + SG&A +R&D for each year. b. Determine Coca Cola's implicit tax rate as 1- (Income After Tax/Income Before Tax) using the most recent financial statement. Recalculate the WACC form Part 1 using this tax rate. Calculate the net working capital required each year by assuming that the level of NWC will be a constant percentage of the project's sales. Use Coca Cola's last 2 fiscal year average NWC/Sales to estimate the required percentage. (Use only accounts receivable, accounts payable, and inventory to measure working capital. Other components of current assets and liabilities are harder to interpret and are not necessarily reflective of the project's required NWC-e.g., Coca Cola's cash holdings.) To determine the free cash flow, calculate the additional capital investment and the change in net working capital each year. Determine the NPV of the project with WACC calculated in Part 1 step 10 and the projects IRR For the NPV calculation remember to add the first CF when you are using the excel function =NPV(rate, CF1:CF5) + CFO For the IRR include all cash flows in your excel calculation. Should Coca Cola invest in the project? A 1 CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions 2 3 Revenues 4 Cost of Goods and Services Sold 5 GROSS PROFIT 6 Selling, General and Administrative Expense 7 Other Cost and Expense, Operating 8 OPERATING INCOME 9 Interest income 10 Interest expense 11 Equity income (loss) - net 12 Other income (loss) - net 13 INCOME BEFORE INCOME TAXES 14 Income taxes 15 CONSOLIDATED NET INCOME 16 Net Income (Loss) Attributable to Noncontrolling Interest 17 NET INCOME ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY 18 BASIC NET INCOME PER SHARE (in dollars per share) 19 DILUTED NET INCOME PER SHARE (in dollars per share) 20 AVERAGE SHARES OUTSTANDING (in shares) 21 Effect of dilutive securities (in shares) 22 AVERAGE SHARES OUTSTANDING ASSUMING DILUTION (in shares) 23 B 12 Months Ended Dec 31, 2019 Dec. 31, 2018 $ 37,266 $ 34,300 14,619 13,067 22,647 21,233 12,103 11,002 458 1,079 10,086 9,152 563 689 946 950 1,049 1,008 34 (1,674) 10,786 8,225 1,801 1,749 8,985 6,476 65 42 $ 8,920 $ 6,434 $2.09 $1.51 $2.07 $ 1.50 4,276 4,259 38 40 4,314 4,299 B C 12 Months Ended Dec 31, 2018 Dec 31, 2019 Dec. $ 8,985 1,365 201 (280) (421) 91 (467) $ 6,476 1,086 225 (413) (457) (50) 743 558 127 699 504 366 10,471 (1,240) 7,627 1 CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions 2 3 OPERATING ACTIVITIES 4 CONSOLIDATED NET INCOME 5 Depreciation and amortization 6 Stock-based compensation expense 7 Deferred income taxes 8 Equity (Income) loss - net of dividends 9 Foreign currency adjustments 10 Significant (gains) losses on sales of assets - net 11 Other operating charges 12 Other items 13 Net change in operating assets and liabilities 14 Net cash provided by operating activities 15 INVESTING ACTIVITIES 16 Purchases of investments 17 Proceeds from disposals of investments 18 Acquisitions of businesses, equity method investments and nonmarketable securities 19 Proceeds from disposals of businesses, equity method investments and nonmarkatable securities 20 Purchases of property, plant and equipment 21 Proceeds from disposals of property, plant and equipment 22 Other investing activities 23 Net cash provided by (used in) investing activities 24 FINANCING ACTIVITIES 25 Issuances of debt 26 Payments of debt 27 Issuances of stock 28 Purchases of stock for treasury 29 Dividends 30 Other financing activities 31 Net cash provided by (used in) financing activities 32 EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 33 CASH AND CASH EQUIVALENTS Net increase (decrease) In cash, cash equivalents, restricted cash and restricted cash equivalents during 35 Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at the Beginning of the Year 36 Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at the End of the Year Restricted Cash and Restricted Cash Equivalents not included in Cash and Cash Equivalents on Balance 37 Sheet 38 Cash and cash equivalents (4,704) 6,973 (5,542) 429 (2,054) 978 (56) (3,976) (7,789) 14,977 (1,263) 1,362 (1,548) 248 (60) 5,927 23,009 (24,850) 1,012 (1,103) (6,845) (227) (9,004) (72) 27,605 (30,600) 1,476 (1,912) (6,644) (272) (10,347) (262) (2,581) 2,945 34 the year 9,318 6,737 257 6,373 9,318 241 $ 6,480 $ 9,077 39 Dec 31, 2019 Dec 31, 2018 1 CONSOLIDATED BALANCE SHEETS- USD ($) $ in Millions 2 CURRENT ASSETS 3 Cash and cash equivalents 4 Short-term investments 5 TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS 6 Marketable securities 7 Trade accounts receivable, less allowances of $524 and $501, respectively 8 Inventories 9 Prepaid expenses and other assets 10 TOTAL CURRENT ASSETS 11 EQUITY METHOD INVESTMENTS 12 OTHER INVESTMENTS 13 OTHER ASSETS 14 Deferred Tax Assets, Net, Noncurrent 15 PROPERTY, PLANT AND EQUIPMENT - net 16 TRADEMARKS WITH INDEFINITE LIVES 17 BOTTLERS' FRANCHISE RIGHTS WITH INDEFINITE LIVES 18 GOODWILL 19 OTHER INTANGIBLE ASSETS 20 TOTAL ASSETS 21 CURRENT LIABILITIES 22 Accounts payable and accrued expenses 23 Notes and Loans Payable, Current 24 Current maturities of long-term debt 25 Accrued income taxes 26 TOTAL CURRENT LIABILITIES 27 LONG-TERM DEBT 28 OTHER LIABILITIES 29 DEFERRED INCOME TAXES 30 THE COCA-COLA COMPANY SHAREOWNERS' EQUITY 31 Common stock, $0.25 par value; authorized - 11,200 shares; issued - 7,040 shares 32 Capital surplus 33 Reinvested earnings 34 Accumulated other comprehensive income (loss) 35 Treasury stock, at cost - 2,760 and 2,772 shares, respectively 36 EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY 37 EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS 38 TOTAL EQUITY 39 TOTAL LIABILITIES AND EQUITY $ 6,480 1,467 7,947 3,228 3,971 3,379 1,886 20,411 19,025 854 6,075 2,412 10,838 9,266 109 16,764 627 86,381 $ 9,077 2,025 11,102 5,013 3,685 3,071 2,059 24,930 19,412 867 4,148 2,674 9,598 6,682 51 14,109 745 83,216 11,312 10,994 4,253 414 26,973 27,516 8,510 2,284 9,533 13,835 5,003 411 28,782 25,376 7,646 2,354 1,760 17,154 65,855 (13,544) (52,244) 18,981 2,117 21,098 $ 86,381 1,760 16,520 63,234 (12,814) (51,719) 16,981 2,077 19,058 $ 83,216 40 AAP's New Stores Project Amounts in Millions Year 0 2 3 4 Revenues 1,200,000,000 Costs Depreciation Tax Rate Capital Expenditures NWC Chg NWC Recover NWC FCF (millions) Cost of Capital NPV- IRR (For the IRR include all cash flows in your excel calculation.) c TOTAL EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA TON 0 COMMON STOCK E CAPITAL SURPLUS F REINVESTED ACCUMULATED OTHER EARNINGS COMPREHENSIVE INCOME TREASURY EQUITY ATTRIBUTABLE STOCK TO NONCONTROLUNG 53 10 4,259 $14.99 $65.502 $111.30 (47.381 5158 909 219 $1.248 124 16,320 3900 100 13,5 35 361 23 CONSOLIDATED STATEMENTS OF SHAREOWNERS' EQUITY - USD 151 shares in Mon, in 1 Millons 2 Balance at beginning of year in shares at Dec 31, 2016 3 Increase (Decrease in Stockholders' Equity 4 Treasury stockinued to employees related to mock compensation plans in shares) 5 Purchases of treasury stock in shares) 6 Balance at end of year in shares) at Dec 31, 2017 7 Balance at beginning of year at Dec 31, 2016 8 increase Decrease in Stockholders' City 9 Stock issued to employees related to stock compensation plans 10 Stock-based compensation experte 11 Other activities 12 Net income attributable to shareowners of The Coca-Cola Company 13 Dividends per share-$1.6051 56 and 5148 in 2018, 2018 and 2017, respectively 14 Met other comprehensive income 15 Purchases of try sock 36 Net Income Low Attributable to Noncontrolling interest 17 et foreign currency translation adjustment 1B Dividend paid to controlling interests 19 Nocontrolling Interest, Decrease from Rederations or Purchase of interests 20 Contributions by noncontinerests 21 Busine combination 22 Decondation of certain entities 23 Other activities 24 Balance and of year at Dec 31, 2017 New Accounting Pronouncement or Change in Accounting Principle, Cumulative effect of Change 25 on Coulty of Net Assets 26 Cumulative Effect of New Accounting Principle in Period of Adoption 27 Common Stock 28 increase (Decrease in Stockholders' Equity 29 TOTAL EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY 30 Treasury showed to employees related to stock compensation plans in shares) 31 Purchases of treasury stock in shares) 32 Balance at end of year in sharest Dec 31, 2018 31 Increase Decrease in Stockholders' Equity 34 Stocked to employees related to stock compensation plans 35 Stock-based compensation pene 26 Other anities 35 35 15 0 0 1,305 1157 41 15,164 50.430 10,6771 30.105 . 0 51.760 17.072 (20 4258 704 225 361 B C. D F 6,414 6,434 12.100 12.1001 11746 (2,035) (2.0 53 190 0 7 2017 19058 16.520 63,234 1517191 112.814 14091 1034 1760 $ 1,760 37 Net Income attributable to shareowners of The Coca-Cola Company Dividends per share - $160, $156 and $1.48 in 2019, 2018 and 2017, respectively 39 Net other comprehensive income foss 40 Purchases of trawarystock 41 Net Income (L) Attribute to controlling interest 42 Net foreign currency ratio adjustment 43 Dividends paid to non controlling interests Noncontrolling interest Decrease from Redemptions or Purchase of interests 45 Contributions by controlling interests 46 Business combinations 47 Decongion of certain entities 48 Other activities # Balance at end of year at Dec 31, 2018 New Accounting Pronouncement or Change in Accounting Principle, Cumulative rest of Change 50 on Equity or Net Assets 51 Cumulative Effect of New Accounting Principle in period of Adoption 52 Commons 53 Increase Decrease) in Stockholders' Equity 54 TOTAL EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA COLA COMPANY SS Treasury sock issued to employees related to stock compensation plans in shares) 56 Purchases of treasury stock in shares 57 Balance at end of year in shares) at Dec 31, 2019 58 increase Decrease in Stockholders' Equity 59 Stocked to employees related to stock compensation plans 60 Stock-based compensation expense 52 Net Income table to sharewers of The Coca-Cola Company 6 Dividends per there - $160, 51.56 and $1.48 in 2019, 2018 and 2017, respectively 64 Ne other comprehensive income on 65 Purchases of treasury stock 16 Net Income Los Attributable to controlling interest Net foreign currency translation adjustment 58 Dividendspold to conting interes 69 Non controlling Interest, Decrease from Redemptions or Purchase of Interests 10 Contributions by noncontrolling interests 71 Business combination 2 Deconsolidation of certaines Others 16,981 16,31 0211 4.280 501 1920 8.920 SMS) 11,096 65 74 29 3 59 21.09 $17.154 0 52.117 SSS (13,546 $152,244 $1564) Deconto dabon of certainentes 73 Other activities 14 Balance at end of year at Dec 31, 2019 New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change 75 on quity or Net Asets Cumulative Efect of New Accounting Principle in Period of Adoption 77 Common Sack 78 Increase Decrease in Stockholders' Equity TOTAL EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY $1.760 $18.981 $18.991 Determine if Coca Cola should invest in a new drink project so you need to determine net cash flows and NPV and determine if the project is viable or not. Capital expenditures to produce the ride will initially require an investment of $1.2 billion. Other development costs that will be required to finish the ride is $500 million this year. Any ongoing costs for upgrades will be covered in the margin calculation below. The ride is expected to have a life of five years. First-year revenues for the new ride are expected to be $2,000,000,000 ($2,000 million). The ride revenues are expected to grow by 20% for the second year, and then decrease by 10% for the third, decrease by 20% for the 4th and finally decrease by 50% for the 5th (final) year of operation. Your job is to determine the rest of the cash flows associated with this project. Your boss has indicated that the operating costs and net working capital requirements are similar to the rest of the company's products. Since your boss hasn't been much help, here are some tips to guide your analysis: 1. You will need to use the Financial Statements that you downloaded in Part 1 (or in project 1). 2. You are now ready to determine the free cash flow. Compute the free cash flow for each year using: Free Cash Flow = (Revenues - Costs- Depreciation) x(1- Tax Rate) + Depreciation - Capex - Change in NWC Set up the timeline and computation of the free cash flow in separate, contiguous columns for each year of the project life. Be sure to make outflows negative and inflows positive. a. Assume that the project's profitability will be similar to Coca Cola's existing projects and estimate costs for each year of your project by using the average ratio of non-depreciation costs to revenue for the last 2 fiscal years (in practice you really tend to use at least 4 years worth of data, but for this exercise 2 years will suffice): (Costs of Goods Sold + SG&A)/Sales You should assume that this ratio will hold for this project as well. You do not need to break out the individual components of operating costs in your forecast. Simply the forecast to the Total Cost of Goods Sold + SG&A +R&D for each year. b. Determine Coca Cola's implicit tax rate as 1- (Income After Tax/Income Before Tax) using the most recent financial statement. Recalculate the WACC form Part 1 using this tax rate. Calculate the net working capital required each year by assuming that the level of NWC will be a constant percentage of the project's sales. Use Coca Cola's last 2 fiscal year average NWC/Sales to estimate the required percentage. (Use only accounts receivable, accounts payable, and inventory to measure working capital. Other components of current assets and liabilities are harder to interpret and are not necessarily reflective of the project's required NWC-e.g., Coca Cola's cash holdings.) To determine the free cash flow, calculate the additional capital investment and the change in net working capital each year. Determine the NPV of the project with WACC calculated in Part 1 step 10 and the projects IRR For the NPV calculation remember to add the first CF when you are using the excel function =NPV(rate, CF1:CF5) + CFO For the IRR include all cash flows in your excel calculation. Should Coca Cola invest in the project? A 1 CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions 2 3 Revenues 4 Cost of Goods and Services Sold 5 GROSS PROFIT 6 Selling, General and Administrative Expense 7 Other Cost and Expense, Operating 8 OPERATING INCOME 9 Interest income 10 Interest expense 11 Equity income (loss) - net 12 Other income (loss) - net 13 INCOME BEFORE INCOME TAXES 14 Income taxes 15 CONSOLIDATED NET INCOME 16 Net Income (Loss) Attributable to Noncontrolling Interest 17 NET INCOME ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY 18 BASIC NET INCOME PER SHARE (in dollars per share) 19 DILUTED NET INCOME PER SHARE (in dollars per share) 20 AVERAGE SHARES OUTSTANDING (in shares) 21 Effect of dilutive securities (in shares) 22 AVERAGE SHARES OUTSTANDING ASSUMING DILUTION (in shares) 23 B 12 Months Ended Dec 31, 2019 Dec. 31, 2018 $ 37,266 $ 34,300 14,619 13,067 22,647 21,233 12,103 11,002 458 1,079 10,086 9,152 563 689 946 950 1,049 1,008 34 (1,674) 10,786 8,225 1,801 1,749 8,985 6,476 65 42 $ 8,920 $ 6,434 $2.09 $1.51 $2.07 $ 1.50 4,276 4,259 38 40 4,314 4,299 B C 12 Months Ended Dec 31, 2018 Dec 31, 2019 Dec. $ 8,985 1,365 201 (280) (421) 91 (467) $ 6,476 1,086 225 (413) (457) (50) 743 558 127 699 504 366 10,471 (1,240) 7,627 1 CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions 2 3 OPERATING ACTIVITIES 4 CONSOLIDATED NET INCOME 5 Depreciation and amortization 6 Stock-based compensation expense 7 Deferred income taxes 8 Equity (Income) loss - net of dividends 9 Foreign currency adjustments 10 Significant (gains) losses on sales of assets - net 11 Other operating charges 12 Other items 13 Net change in operating assets and liabilities 14 Net cash provided by operating activities 15 INVESTING ACTIVITIES 16 Purchases of investments 17 Proceeds from disposals of investments 18 Acquisitions of businesses, equity method investments and nonmarketable securities 19 Proceeds from disposals of businesses, equity method investments and nonmarkatable securities 20 Purchases of property, plant and equipment 21 Proceeds from disposals of property, plant and equipment 22 Other investing activities 23 Net cash provided by (used in) investing activities 24 FINANCING ACTIVITIES 25 Issuances of debt 26 Payments of debt 27 Issuances of stock 28 Purchases of stock for treasury 29 Dividends 30 Other financing activities 31 Net cash provided by (used in) financing activities 32 EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 33 CASH AND CASH EQUIVALENTS Net increase (decrease) In cash, cash equivalents, restricted cash and restricted cash equivalents during 35 Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at the Beginning of the Year 36 Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at the End of the Year Restricted Cash and Restricted Cash Equivalents not included in Cash and Cash Equivalents on Balance 37 Sheet 38 Cash and cash equivalents (4,704) 6,973 (5,542) 429 (2,054) 978 (56) (3,976) (7,789) 14,977 (1,263) 1,362 (1,548) 248 (60) 5,927 23,009 (24,850) 1,012 (1,103) (6,845) (227) (9,004) (72) 27,605 (30,600) 1,476 (1,912) (6,644) (272) (10,347) (262) (2,581) 2,945 34 the year 9,318 6,737 257 6,373 9,318 241 $ 6,480 $ 9,077 39 Dec 31, 2019 Dec 31, 2018 1 CONSOLIDATED BALANCE SHEETS- USD ($) $ in Millions 2 CURRENT ASSETS 3 Cash and cash equivalents 4 Short-term investments 5 TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS 6 Marketable securities 7 Trade accounts receivable, less allowances of $524 and $501, respectively 8 Inventories 9 Prepaid expenses and other assets 10 TOTAL CURRENT ASSETS 11 EQUITY METHOD INVESTMENTS 12 OTHER INVESTMENTS 13 OTHER ASSETS 14 Deferred Tax Assets, Net, Noncurrent 15 PROPERTY, PLANT AND EQUIPMENT - net 16 TRADEMARKS WITH INDEFINITE LIVES 17 BOTTLERS' FRANCHISE RIGHTS WITH INDEFINITE LIVES 18 GOODWILL 19 OTHER INTANGIBLE ASSETS 20 TOTAL ASSETS 21 CURRENT LIABILITIES 22 Accounts payable and accrued expenses 23 Notes and Loans Payable, Current 24 Current maturities of long-term debt 25 Accrued income taxes 26 TOTAL CURRENT LIABILITIES 27 LONG-TERM DEBT 28 OTHER LIABILITIES 29 DEFERRED INCOME TAXES 30 THE COCA-COLA COMPANY SHAREOWNERS' EQUITY 31 Common stock, $0.25 par value; authorized - 11,200 shares; issued - 7,040 shares 32 Capital surplus 33 Reinvested earnings 34 Accumulated other comprehensive income (loss) 35 Treasury stock, at cost - 2,760 and 2,772 shares, respectively 36 EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY 37 EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS 38 TOTAL EQUITY 39 TOTAL LIABILITIES AND EQUITY $ 6,480 1,467 7,947 3,228 3,971 3,379 1,886 20,411 19,025 854 6,075 2,412 10,838 9,266 109 16,764 627 86,381 $ 9,077 2,025 11,102 5,013 3,685 3,071 2,059 24,930 19,412 867 4,148 2,674 9,598 6,682 51 14,109 745 83,216 11,312 10,994 4,253 414 26,973 27,516 8,510 2,284 9,533 13,835 5,003 411 28,782 25,376 7,646 2,354 1,760 17,154 65,855 (13,544) (52,244) 18,981 2,117 21,098 $ 86,381 1,760 16,520 63,234 (12,814) (51,719) 16,981 2,077 19,058 $ 83,216 40 AAP's New Stores Project Amounts in Millions Year 0 2 3 4 Revenues 1,200,000,000 Costs Depreciation Tax Rate Capital Expenditures NWC Chg NWC Recover NWC FCF (millions) Cost of Capital NPV- IRR (For the IRR include all cash flows in your excel calculation.) c TOTAL EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA TON 0 COMMON STOCK E CAPITAL SURPLUS F REINVESTED ACCUMULATED OTHER EARNINGS COMPREHENSIVE INCOME TREASURY EQUITY ATTRIBUTABLE STOCK TO NONCONTROLUNG 53 10 4,259 $14.99 $65.502 $111.30 (47.381 5158 909 219 $1.248 124 16,320 3900 100 13,5 35 361 23 CONSOLIDATED STATEMENTS OF SHAREOWNERS' EQUITY - USD 151 shares in Mon, in 1 Millons 2 Balance at beginning of year in shares at Dec 31, 2016 3 Increase (Decrease in Stockholders' Equity 4 Treasury stockinued to employees related to mock compensation plans in shares) 5 Purchases of treasury stock in shares) 6 Balance at end of year in shares) at Dec 31, 2017 7 Balance at beginning of year at Dec 31, 2016 8 increase Decrease in Stockholders' City 9 Stock issued to employees related to stock compensation plans 10 Stock-based compensation experte 11 Other activities 12 Net income attributable to shareowners of The Coca-Cola Company 13 Dividends per share-$1.6051 56 and 5148 in 2018, 2018 and 2017, respectively 14 Met other comprehensive income 15 Purchases of try sock 36 Net Income Low Attributable to Noncontrolling interest 17 et foreign currency translation adjustment 1B Dividend paid to controlling interests 19 Nocontrolling Interest, Decrease from Rederations or Purchase of interests 20 Contributions by noncontinerests 21 Busine combination 22 Decondation of certain entities 23 Other activities 24 Balance and of year at Dec 31, 2017 New Accounting Pronouncement or Change in Accounting Principle, Cumulative effect of Change 25 on Coulty of Net Assets 26 Cumulative Effect of New Accounting Principle in Period of Adoption 27 Common Stock 28 increase (Decrease in Stockholders' Equity 29 TOTAL EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY 30 Treasury showed to employees related to stock compensation plans in shares) 31 Purchases of treasury stock in shares) 32 Balance at end of year in sharest Dec 31, 2018 31 Increase Decrease in Stockholders' Equity 34 Stocked to employees related to stock compensation plans 35 Stock-based compensation pene 26 Other anities 35 35 15 0 0 1,305 1157 41 15,164 50.430 10,6771 30.105 . 0 51.760 17.072 (20 4258 704 225 361 B C. D F 6,414 6,434 12.100 12.1001 11746 (2,035) (2.0 53 190 0 7 2017 19058 16.520 63,234 1517191 112.814 14091 1034 1760 $ 1,760 37 Net Income attributable to shareowners of The Coca-Cola Company Dividends per share - $160, $156 and $1.48 in 2019, 2018 and 2017, respectively 39 Net other comprehensive income foss 40 Purchases of trawarystock 41 Net Income (L) Attribute to controlling interest 42 Net foreign currency ratio adjustment 43 Dividends paid to non controlling interests Noncontrolling interest Decrease from Redemptions or Purchase of interests 45 Contributions by controlling interests 46 Business combinations 47 Decongion of certain entities 48 Other activities # Balance at end of year at Dec 31, 2018 New Accounting Pronouncement or Change in Accounting Principle, Cumulative rest of Change 50 on Equity or Net Assets 51 Cumulative Effect of New Accounting Principle in period of Adoption 52 Commons 53 Increase Decrease) in Stockholders' Equity 54 TOTAL EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA COLA COMPANY SS Treasury sock issued to employees related to stock compensation plans in shares) 56 Purchases of treasury stock in shares 57 Balance at end of year in shares) at Dec 31, 2019 58 increase Decrease in Stockholders' Equity 59 Stocked to employees related to stock compensation plans 60 Stock-based compensation expense 52 Net Income table to sharewers of The Coca-Cola Company 6 Dividends per there - $160, 51.56 and $1.48 in 2019, 2018 and 2017, respectively 64 Ne other comprehensive income on 65 Purchases of treasury stock 16 Net Income Los Attributable to controlling interest Net foreign currency translation adjustment 58 Dividendspold to conting interes 69 Non controlling Interest, Decrease from Redemptions or Purchase of Interests 10 Contributions by noncontrolling interests 71 Business combination 2 Deconsolidation of certaines Others 16,981 16,31 0211 4.280 501 1920 8.920 SMS) 11,096 65 74 29 3 59 21.09 $17.154 0 52.117 SSS (13,546 $152,244 $1564) Deconto dabon of certainentes 73 Other activities 14 Balance at end of year at Dec 31, 2019 New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change 75 on quity or Net Asets Cumulative Efect of New Accounting Principle in Period of Adoption 77 Common Sack 78 Increase Decrease in Stockholders' Equity TOTAL EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY $1.760 $18.981 $18.991